N.J. Chamber of Commerce President and CEO Thomas Bracken's statement on the bipartisan proposal for transportation and tax reform:
The New Jersey Chamber of Commerce believes the proposed legislation to authorize funding of the NJ Transportation Trust Fund and to enact tax reform, including the phase out of the estate tax, is good news for New Jersey.
While no one likes tax increases and not all of the provisions in the TTF funding bill are optimal, the overall impact of the legislation is positive. The revenue raised by the TTF bill will be invested in repair and maintenance of our roads, bridges and tunnels, which is a critical investment for New Jersey's future.
The proposed tax reforms will help make New Jersey more competitive and more attractive for new investment and new businesses.
Both of these legislative proposals will create real growth and real opportunity for everyone in New Jersey, and are critical for our state's future.
We thank Senate President Steve Sweeney, Assembly Speaker Vincent Prieto, Assembly Majority Leader Lou Greenwald as well as Sens. Paul Sarlo and Steven Oroho for their work in crafting these legislative initiatives, and for their effective and bipartisan approach in helping solve two of New Jersey's toughest issues.
We urge the state Legislature to act quickly on both of these bills.